ED to seize Jaganmohan Reddy's properties worth Rs 122 crore

Feb 20, 2013, 07.52PM ISTPTI

Jaganmohan Reddy.

NEW DELHI: Enforcement Directorate will take possession of properties worth Rs 122 crore after a competent authority on Wednesday approved ED's attachments in connection with its money laundering probe against YSR Congress chief Jaganmohan Reddy and his associates.

The adjudicating authority of the Prevention of Money Laundering Act (PMLA) on Wednesday approved two separate attachment orders valued at Rs 51 crore and Rs 71 crore of the agency paving way for their immediate seizure by the ED.

The step will ensure that the parties involved in these two cases will not be able to derive benefits of these properties by way of selling, leasing, renting or using these assets.

The ED had last year issued attachment orders on plots worth Rs 71 crore owned by Dubai-based Emaar Properties, its joint venture Emaar MGF and others in connection with its probe into alleged irregularities in land transfer and sale of villas and apartments at Hyderabad.

The agency had also issued attachment orders on properties worth Rs 51 crore as it attached more than 13 acres of land of M/s Janani Infrastructure Private Limited and fixed deposits worth Rs 14.50 crore of M/s Jagati Publication Limited as "kickbacks allegedly received in lieu of granting favours" to private entities.

The attachment order, issued under stringent provisions of PMLA, was also against private companies which were "illegally benefited as a result of criminal activity" and illegal sanctions granted during the tenure of YS Rajasekhara Reddy.

The other properties attached by the agency are 35 acres of land and fixed deposit of Rs 3 crore of M/s Hetero Drugs Limited, 96 acres of land of M/s APL Research Centre Limited, a 100 per cent subsidiary of Ms Aurobindo Pharma Limited, and fixed deposit of Rs 3 crore of Aurobindo Pharma.